New York Mortgage Trust Announces Proposed Public Offering of Senior Convertible Notes Due 2022

NEW YORK, Jan. 17, 2017 -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) (the “Company”) announced today that it intends to make a public offering, subject to market conditions, of $100.0 million aggregate principal amount of its senior convertible notes due 2022 (the “Notes”). The Company intends to grant the underwriter a 13-day option to purchase up to $15.0 million aggregate principal amount of additional Notes to cover over-allotments, if any.

The Notes will pay interest semiannually and are expected to mature on January 15, 2022, unless earlier converted or repurchased.  The Company will not have the right to redeem the Notes prior to maturity. Holders of the Notes will be permitted to convert their Notes into shares of the Company’s common stock at any time prior to the close of business on the business day immediately preceding the maturity date. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of the pricing of the offering.

The Company intends to use the net proceeds of the offering to acquire its targeted assets and for general working capital purposes, which may include the repayment of indebtedness.

Nomura Securities International, Inc. is acting as sole book-running manager for the offering.

The offering will be made pursuant to an effective shelf registration statement, including a prospectus and related prospectus supplement, filed by the Company with the Securities and Exchange Commission (the “SEC”).

These documents may be obtained for free by visiting the SEC’s website at http://www.sec.gov.  Alternatively, a copy of the preliminary prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by contacting:

Nomura Securities International, Inc.
Attention: Equity Syndicate
Worldwide Plaza
309 West 49th Street, 5th Floor
New York, New York 10019-7316
(212) 667-9562

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful.

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes. The Company is an internally managed REIT which invests in mortgage-related and financial assets and targets residential mortgage loans, including second mortgages and loans sourced from distressed markets, multi-family CMBS, direct financing to owners of multi-family properties through mezzanine loans and preferred equity investments and other commercial real estate-related investments and non-Agency RMBS. The Midway Group, L.P. and Headlands Asset Management, LLC provide investment management services to the Company with respect to certain of its asset classes.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us.  For example, the fact that this offering has launched may imply that this offering will price and close, but the pricing and closing are subject to market conditions and conditions customary in transactions of this type and may be delayed or may not occur at all. No assurance can be given that the offering discussed above will price or will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. The beliefs, assumptions and expectations on which the forward-looking statements are based are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us, including those described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which has been filed with the SEC.  If a change occurs, these forward-looking statements may vary materially from those expressed in this release. All forward-looking statements speak only as of the date on which they are made. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Further Information

AT THE COMPANY
Kristine R. Nario
Chief Financial Officer
Phone:  646-216-2363
Email: [email protected]